London, 9 February 2022: Leading European open banking platform Tink, and subscription technology platform Youtility, have entered a strategic partnership to provide UK retail banks with embedded subscription and money management tools.
The combination of Tink’s Money Manager product and Youtility’s subscription technology enables banks to deliver frictionless and hyper-personalised customer journeys. Through real-time categorised transaction data, people can set budgeting goals, and achieve meaningful savings on household contracts such as energy, broadband, TV, landline and mobile – while reducing their carbon footprint. Through this partnership banks can help users take these crucial savings actions and make more sustainable choices on core household costs without leaving their banking app.
With household energy being the largest single contributor to a person’s carbon footprint, Youtility makes it simple and easy for banks to help their customers make sustainable choices around the source of energy for their homes, enabling each customer to reduce their carbon footprint by up to 25% annually. Citizens Advice estimates the loyalty penalty from being on out of contract subscriptions costs each UK home £987 annually.
Tasha Chouhan, UK & IE Banking Lead at Tink, says: “Our Money Manager product is designed to help banks deliver tools and personalised insights that help people improve their finances. Youtility’s suite of products augment these insights with seamless actions that drive meaningful savings. Both the climate crisis and rising cost-of-living will be defining issues for consumers in 2022 and beyond. This is why we are building an ecosystem of partnerships, including Youtility and partners like Cogo, to help banks provide the clarity that’s needed for people to make meaningful decisions on how they manage their finances, and reduce their climate footprint.
Will Kostoris, Co-founder of Youtility, says: “Our platform has been built to enable consumers to take seamless, in-app action to help them save money and we’re thrilled to be working with Tink, the European leader in Open Banking. As consumers in the UK face significant increases in the cost of living, the importance of helping homes keep on top of their bills has never been greater. With inflation at its highest in 30 years and average energy bills due to rise by 54% in April, we believe this product should be on all bank roadmaps.”
- ENDS-
Contact details:
Linda Winder, PR & Communications Director, press@tink.com, +44 (0)7809 265941
About Tink:
Tink is Europe’s leading open banking platform that enables banks, fintechs and startups to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions, verify account ownership and build personal finance management tools. Tink connects to more than 3,400 banks that reach over 250 million bank customers across Europe. Founded in 2012 in Stockholm, Tink’s 500 employees serve more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries. We power the new world of finance. For more information, visit tink.com.
About Youtility:
Built for banks and fintechs, Youtility’s embedded web and API-based subscription management tools make managing household contracts simple, accessible and informative, empowering consumers to save money, stay in control and make informed decisions that reduce their Carbon impact. Backed by banks and social impact investors including Ascension Ventures, Big Society Capital and the Joseph Rowntree Foundation, Youtility powers native user experiences through to simple web integrations alongside access to the most innovative and sustainable merchants in the market. For more information, visit youtility.co.uk.